Cracks showing?
After weeks of record gains, the S&P500 is showing cracks in its armor. Will it manage to race up in attempt to reach prior record tops?
I am considering shorts if 2365 breaks or if price bounces off 2372 or 2375 to the downside. It has already bounced off 2375 on Friday, so a clean break through it to the upside next week would be a bullish sign (at least temporarily). I will also consider longs if price breaks through 2372 to the upside or if it bounces off 2365.
Potential profit targets (depending on price action) include 2381, 2385 and 2396 if price goes long. Short I'm just going to let it ride as long as momentum's on my side.
Overall, my bias is still slightly more short than long due to a bearish regression. Having said that, we closed smack in the middle of Friday's value range, so it's not super clear what will happen early on next week. A clean break of either 2365 or 2375 will likely set the tone for next week.
I am considering shorts if 2365 breaks or if price bounces off 2372 or 2375 to the downside. It has already bounced off 2375 on Friday, so a clean break through it to the upside next week would be a bullish sign (at least temporarily). I will also consider longs if price breaks through 2372 to the upside or if it bounces off 2365.
Potential profit targets (depending on price action) include 2381, 2385 and 2396 if price goes long. Short I'm just going to let it ride as long as momentum's on my side.
Overall, my bias is still slightly more short than long due to a bearish regression. Having said that, we closed smack in the middle of Friday's value range, so it's not super clear what will happen early on next week. A clean break of either 2365 or 2375 will likely set the tone for next week.
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